lewistz

LTC - Breaking through resistance - this light is going to shine

Long
BITSTAMP:LTCUSD   Litecoin / U.S. Dollar
I have been watching LTC the past few days as it has been knocking on the middle trend resistance of 55.80 area. Today is a clear breakout above that. As long as we see a close above 58.80 I believe we have started a new more aggresive uptrend. I see the top of the trend channel being 60. 40 . , if we close above that market even better. It makes sense this move can start now that Litecoin will be an easy safe haven (especially for sole Coinbase users) alt away from bitcoin and I think we will see even more appreciation post segwit2x. I would place a stop loss around 57.80 and TP first target of 64. 40 , if we get there we can adjust stop.
Comment: I meant to chart the long term channel. For some reason the chart didn't get updated before posting. I will post tomorrow as an LTC update.

Comments

HI, It seems its going to cross 65. Any advice on that?
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lewistz rkneela
@rkneela, Its back lower now but perhaps move stop level up to 60.80, at least locking in small trade profit if slips, but also allowing a little range room for it to trade as you do not want to get knocked out of this trade if it moves higher.
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